Pinnacle Financial Partners Inc Grows Holdings in Labcorp Holdings Inc. (NYSE:LH)

Pinnacle Financial Partners Inc raised its position in Labcorp Holdings Inc. (NYSE:LH) by 0.4% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 41,298 shares of the medical research company’s stock after purchasing an additional 173 shares during the period. Pinnacle Financial Partners Inc’s holdings in Labcorp were worth $9,612,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. SP Asset Management LLC grew its position in Labcorp by 0.3% during the fourth quarter. SP Asset Management LLC now owns 15,186 shares of the medical research company’s stock valued at $3,483,000 after buying an additional 43 shares during the period. Wedmont Private Capital boosted its stake in Labcorp by 5.0% in the first quarter. Wedmont Private Capital now owns 920 shares of the medical research company’s stock valued at $204,000 after acquiring an additional 44 shares during the last quarter. Cidel Asset Management Inc. boosted its stake in Labcorp by 5.5% in the first quarter. Cidel Asset Management Inc. now owns 941 shares of the medical research company’s stock valued at $219,000 after acquiring an additional 49 shares during the last quarter. Signaturefd LLC grew its position in shares of Labcorp by 9.7% during the 4th quarter. Signaturefd LLC now owns 588 shares of the medical research company’s stock valued at $135,000 after acquiring an additional 52 shares during the period. Finally, Golden State Wealth Management LLC increased its stake in shares of Labcorp by 88.1% during the 1st quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company’s stock worth $26,000 after purchasing an additional 52 shares during the last quarter. Hedge funds and other institutional investors own 95.94% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on LH. Morgan Stanley upped their price objective on Labcorp from $270.00 to $283.00 and gave the company an “overweight” rating in a research note on Wednesday, June 11th. Robert W. Baird boosted their target price on Labcorp from $253.00 to $267.00 and gave the company an “outperform” rating in a research note on Wednesday, April 30th. Truist Financial increased their price target on Labcorp from $274.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. Wall Street Zen cut Labcorp from a “buy” rating to a “hold” rating in a research note on Friday, April 18th. Finally, Barclays reaffirmed a “cautious” rating on shares of Labcorp in a report on Wednesday, June 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $276.08.

Labcorp Stock Down 1.6%

LH stock opened at $260.03 on Thursday. The stock has a 50-day simple moving average of $250.78 and a two-hundred day simple moving average of $241.70. Labcorp Holdings Inc. has a twelve month low of $198.96 and a twelve month high of $265.72. The firm has a market capitalization of $21.76 billion, a PE ratio of 30.06, a PEG ratio of 1.68 and a beta of 0.82. The company has a quick ratio of 1.60, a current ratio of 1.84 and a debt-to-equity ratio of 0.68.

Labcorp (NYSE:LH) last released its quarterly earnings data on Tuesday, April 29th. The medical research company reported $3.84 EPS for the quarter, beating analysts’ consensus estimates of $3.73 by $0.11. The company had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. Labcorp had a net margin of 5.55% and a return on equity of 15.27%. Labcorp’s revenue was up 5.3% compared to the same quarter last year. During the same period last year, the business earned $3.68 earnings per share. On average, equities analysts predict that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 11th. Stockholders of record on Thursday, May 29th were given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.11%. Labcorp’s dividend payout ratio (DPR) is currently 33.29%.

Insider Transactions at Labcorp

In related news, Director Kerrii B. Anderson sold 500 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $265.00, for a total value of $132,500.00. Following the sale, the director owned 12,166 shares in the company, valued at approximately $3,223,990. This trade represents a 3.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Adam H. Schechter sold 6,105 shares of the business’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $248.73, for a total value of $1,518,496.65. Following the transaction, the chief executive officer owned 98,962 shares of the company’s stock, valued at approximately $24,614,818.26. The trade was a 5.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,834 shares of company stock valued at $2,928,714. Corporate insiders own 0.84% of the company’s stock.

About Labcorp

Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.